Binance coin, also known as BNB, has been resting for a bit after a major bullish momentum, and to find out where it is most likely to break out, I have performed the following analysis and forecast.
At the time of writing BNB is trading at $ 662.81, accumulating a profit of 1.98% in the last 24 hours and 6.70% in the last 7 days.
Binance coin daily chart analysis
When we look at the daily chart of the Binance cryptocurrency, we notice a clear uptrend recently resumed after breaking a pennant.
After accumulating some good gains, this cryptocurrency fell a bit during the last days, and now it remains locked in a small range with support at $ 609.21 and resistance at $ 676.15.
Now it seems that we are seeing a resumption of the previous trend, a fact that will be confirmed when the resistance mentioned in the previous paragraph is crossed, which is the most likely to occur.
As long as the support at $ 609.21 remains intact, we should not think about selling for the short term.
Should we see a relevant sales rollout, the dominant force would still exert buying pressure sooner rather than later.
To carry out the BNB forecast we are going to do an analysis of the chart with weekly candles, where we also find a clear and strong upward trend, in this case in the medium term.
This trend made a healthy correction towards Fibonacci 38.20% a few weeks ago.
Now the price is developing momentum, which should seek at least $ 756.89 (-27%). However, this target is very likely to fall short, and we will see Binance coin seek $ 915.38 (-61.8%).
At the moment the odds are on the buyers’ side. In order for us to think that a broader correction is going to occur, the support at $ 481.44 must be broken through.
It is necessary to be cautious
Although I am doing an optimistic BNB analysis and forecast, you have to be quite cautious due to how widespread the rally is.
In the long term I am confident that we are facing a promising cryptocurrency, and it could continue to advance continuously.
However, if you plan to invest in it and try to make an improvised profit in the short term, you should bear in mind that the price has already been rising continuously for 7 months, so you may be inside when a healthy and necessary correction occurs. .
All our publications are informative in nature, so in no case should they be followed as investment advice.